Lasha Labadze about Financial Literacy in Georgia

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Published: 04 May 2016

ISET's Executive Director Lasha Labadze, and a Deputy CEO of TBC Bank, Nikoloz Kurdiani were invited to Maestro TV to talk about a joint project by ISET, TBC Bank, and TNS. According to the first ever large-scale research on financial literacy in the country, Georgia rated quite low.

Only 6 percent of the respondents were financially literate, which negatively affects the economic situation. The researchers surveyed 1000 respondents in seven major cities: Tbilisi, Batumi, Zugdidi, Gori, Kutaisi, Poti, and Rustavi. Financial literacy was measured by four specific questions about simple interest rate, compound interest rate, inflation, and risk/diversification. Assessing the levels of financial literacy in the population is a key component of a successful national strategy for financial education, enabling policy makers to identify gaps and design appropriate responses.